Wednesday, September 28, 2016

A living will is a legal document that describes your end of life
wishes. You create it when you are alive, but it does not become valid
until you are in an end of life situation. With a living will your
agent(s) have final decision, but it should be made with medical doctors
and other healthcare officials to be sure you are given the correct
prognosis and so that your agents can make the right decision. You
should give a copy of your living will and healthcare proxy to your
local hospital, doctor, nursing facility or hospice care agency.

Function

The living will covers common decisions your loved ones can make
when you are near to dying. You have the choice to fill out the form in
whatever fashion you like. Choices can be made regarding keeping you
alive by machines, being kept on a feeding tube with no hope of
recovery, being in a persistent vegetative state and more.

Features

Living wills are available online and can be obtained for free. You
need not pay for a living will to be drafted. Each state has its own
differences so be sure you use the one for your state.

Once
completed, the form should be signed in the presence of two witnesses.
The witnesses sign the document and attest that you signed of your own
free will and that they are not your appointed health care agents or
proxies. Some states do not allow relatives or people responsible for
make medical decisions to be witnesses.

In your living will, you
will designate someone who will be your proxy or agent. This person will
be the one you choose to carry out the details of the document. Choose a
family member who understands your wishes and has agreed to see that
they are carried out. Do not choose a doctor or any employee of a
hospital or institution that is treating you at the time it is executed.
You can change your agent or proxy, but be sure that whoever got the
original one has the new one replaced. The same applies to other changes
to the document.

Most people don't like thinking about these
things, however they are extremely important. You don't know when you
will be in a situation in which this document will be needed. Be sure to
complete it now before you can't. Consider all of the possibilities
there are regarding your last wishes medically. There are certain powers
given to your agent(s). Here are some general rules:

• "Full
power to consent, refuse consent, or withdraw consent to all medical,
surgical, hospital and related health care treatments and procedures on
my behalf, according to my wishes as stated in this document, or as
stated in a separate Living Will, Health Care Directive, or other
similar type document, or as expressed to my agent by me;"
• "Full power to make decisions on whether to provide, withhold, or
withdraw artificial nutrition and hydration on my behalf, according to
my wishes as stated in this document, or as stated in a separate Living
Will, Health Care Directive, or other similar type document, or as
expressed to my agent by me;"
• "Full power to review and receive any information regarding my
physical or mental health, including medical and hospital records, in
accordance with the Health Insurance Portability and Accountability Act
of 1996, 42 USC 1320d ("HIPAA");"

• "Full power to sign any releases in order to obtain this information;"
• "Full power to sign any documents required to request, withdraw,
or refuse treatment or to be released or transferred to another medical
facility."

Your document should contain sections covering the following situations:

1. "If I have an incurable and irreversible (terminal) condition
that will result in my death within a relatively short time, I direct
that... "

2. "If I am diagnosed as being in an irreversible coma and, to a
reasonable degree of medical certainty, I will not regain consciousness,
I direct that... "

3. "If I am diagnosed as being in a persistent vegetative state and,
to a reasonable degree of medical certainty, I will not regain
consciousness, I direct that... "

A living will gives you the power to choose how you would like to be
cared for in the days leading to your death. It also removes some of
the burden from your family when they know that they are following your
wishes.

Don't fail to prepare this document. As has been stated
herein already, you don't know when you will be in a situation in which
this document will be needed.

Tuesday, September 27, 2016

Living wills and advance directives have lately become the hot
topic of discussion with the case of the brain-dead pregnant women in
Texas going to the courts to decide. While her individual rights versus
Texas state law makes for a heated debate, the real question for most
Americans and Canadians should be 'What happens if you don't have a
living will and the unthinkable happens?'

Every year, thousands of
people have an unfortunate accident that leaves them in an
incapacitated state. This is where a living will comes into play. A
living will, which can also be known as an advance health care directive
or advance directive, is a set of instructions given by you, allowing
for what types of medical intervention and treatment you would like to
receive, if you are in a state of mind where you cannot make decisions
for yourself. If you don't have a living will, you leave these decisions
to someone else. So, there by itself, is the number one reason for
having a living will. Now let's break down the other 4 major reasons why
you should have a living will:

2. Avoid Family Fighting. Imagine
what not having a living will could do to your family. If you haven't
made the medical decisions that are usually addressed in a living will,
depending on your state or province, often times it is left up to your
family to make these pain staking decisions for you. Imagine your spouse
having to decide whether or not to keep you on life support. Now
imagine your mother, or brother, disagreeing with their decision. The
emotional toll this can take on a family could be devastating. The case
of Terri Schvaio often comes to mind. Back in 1990 she collapsed and
fell into a coma for more than two months, and then was declared to be
in a vegetative state. Years later, her husband made the decision,
against her parents' wishes, to have her removed from a feeding tube.
The argument went on for seven years. You can imagine the emotional toll
your family would suffer in a similar situation.

3. The Medical
Costs. In some cases when a person is incapacitated, the prolonged
period of keeping a patient alive can outlast the medical insurance,
leaving the extra costs to be paid by the patient's estate. Many times,
when the decision is made by the spouse, or other family member, to
artificially extend one's life, the medical costs involved can cause an
extreme financial burden. It is not unheard of for families to end up
losing everything because of this. If you were incapacitated, could you
imagine your family losing their home, or possibly facing medical
bankruptcy?

4. The Legal Costs. All it takes is for two family
members to disagree and here comes the lawyers. This happens in many
cases, like Terri Schvaio's, where lawyers for the disagreeing parties
spend weeks, months, and even years, arguing for their side, all the
while the costs are adding up. And eventually someone will have to pay
those bills. Imagine the life insurance you left to protect your family,
ending up in the hands of attorneys, all because no one knew what your
wishes were. These situations happen all too often. You having a living
will can avoid a catastrophe like this.

5. Peace of Mind. Simply
put, when you have a living will, you are more likely to have the peace
of mind of knowing that your wishes will be known, and that family
members won't have to fret over whether or not they made the right
decision. It is perhaps one of the most responsible, unselfish acts you
can take by keeping the heart wrenching decisions out of the hands of
your loved ones. If the unthinkable were to happen to you, there would
be no reason to compound your family's suffering.

Now that you
have the five major reasons to get your living will, you have to decide
what to include in it. There are many points to consider, like if you
should appoint a medical power of attorney (POA), where you would
designate someone you trust to make decisions that may not have been
covered in your living will, or adding a 'do not resuscitate' directive.
These are some of the many items you will want to discuss with your
family. Also consult your attorney for advice on your state's laws when
drafting a living will.

I heard it said that having a will is like
writing a final love letter to your loved ones to assure they get
everything you want them to have. When you think of it in these terms, a
living will would be an extension of that love letter, preventing
unnecessary pain and hardships for your family, just in case you were to
experience an incapacitated state for any length of time.

Sunday, September 25, 2016

You've probably heard of advance directives, but are unsure of
what they actually do and how they can help you. The truth is that these
are a great way to plan ahead for your future, but they do require a
bit of work upfront first. This is a good thing though, since it will
save you time and energy later. It's better to have the work done before
you actually need to do it so in a time of emergency everything is
already sorted out beforehand.

The first thing to be aware of is
the medical power of attorney, also called a healthcare proxy. This
person is lawfully able to make medical decisions for you in the event
that you are unable to. This includes when you are suffering from
dementia and when you are not conscious. This is a big shoe to fit into,
so to speak, so it is important that you select someone that you trust
completely. Sometimes, you may want to select a backup healthcare proxy
in the event that something happens to your original choice for POA.
This doesn't happen often, but when it does you will want to be
prepared. So having another person you trust on deck allows you to not
worry about constantly updating your POA paperwork.

You also need
to know that your POA will not be able to make decisions that override
your decisions. This is to benefit you, of course. If you were to wake
up out of a coma, you would then be able to once again make your own
decisions and not have to worry about your POA making a decision that
you do not want them to.

Some states do not actually honor other
states' advance directives. Some do. So it will require a little
research, either on your own or with your attorney, to make sure that if
you are moving from New York to California, for example, that your
advance directive will hold up under the scrutiny of the legal system.
The easiest solution to this problem is to have an advance directive
made up for each state that you will be residing in. So if you do move
into a California retirement home, make sure that you set up an advance
directive as soon as possible once you are a resident there.

A
final consideration for the State of California is that if you are in a
skilled nursing facility and want to set up an advance directive, you
must have a patient advocate sign the paperwork as a witness. Again,
this is to protect you and your rights.

Basically, the State of
California wants to ensure that the patient is of sound mind and that
they are not being taken advantage of. This is why an advocate must
sign-they look out for their patients' best interests.

Saturday, September 24, 2016

A deed of trust is a term for a document which has a specific legal meaning in the United States not shared in other parts of the world. It means that the value of land or so called real estate is transferred to a trustee who holds the land or real estate as security in relation to a loan. The usual language used to describe the person borrowing the money is that of trustor whilst 'beneficiary' is the word used to describe the person that benefits from the deed, or in plain English the person or institution that lent the money.

This type of legal document is only relevant in a few states. The states which usually use this type of deed are Alaska, Arizona, Arkansas, California, Colorado, the District of Columbia,Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia. The other states in the United States tend to prefer the use of mortgages to secure the interests of lenders in relation to real estate transactions. Theoretically, the loan to which this type of deed relates is created in such a manner that lending institution or person transfers money to the trustor so that they may purchase the property so that the purchaser may then transfer this money to the person selling the property and the seller then executes a grant deed followed by an accompanying trust deed executed by the purchaser to create the trust deed. However, the usual practice is that the property is put into the hand of an escrow holder until the funds are available and the grant deed and deed of trust are in the possession of the escrow holder to enable the reversal of the purchase if all of the necessary elements do not fall into place.

A trust of this type is certainly distinguished from the nature of a mortgage because this type of property document revolves around three parties. A mortgage is only ever between two parties. Also, a trust of this nature does not actually involve a transfer of title from the mortgagor to the mortgagee in the way that a mortgage does. Usually, the method of documenting a deed of this nature is with the county clerk near the location of the property. This enables the searching and registration of encumbrances and interests in the relevant property such that it is possible to have an open system of property registration.
Article Source: http://EzineArticles.com/expert/David_A_Coleman/113927

Friday, September 23, 2016

Most people have heard the word probate before, but they might be wondering 'what is probate?' The probate process can refer to several things. The probate court determines whether or not a will is valid. If an executor is not named in the will, the court will assign an executor to perform those duties. However, the entire process of administering the estate of the deceased according to the will's instructions can also be referred to as probate. Many people think that an executor simply reads the will and hands out the bequests to the heirs. There is so much more involved in the duties of an executor during probate.

The actual court probate process is only a part of the responsibilities of the will's executor. The first duty is to file a petition to start probate in each of the states where the deceased owned property. Because each state has slightly varying probate laws, the answer to the 'what is probate?' question will change a little depending on a specific state's legal code. However, there are some common events between states when it comes to processing wills and other estate administration. Before the executor of the will can even be formally appointed or approved, a petition has to be filed, a notice of petition must be published with a certain amount of lead time (usually at least 15 days), the legal documents must be given to the judge for approval, and the concerned parties (such as beneficiaries) must be notified.

Following these notifications, the court hearing will formally begin the probate process and approve the named executor of the will. After the court hearing, the executor needs to inventory all of the deceased's assets. This information has to be filed with the probate court. Next, all creditor's claims are addressed and paid off. The IRS also has to be paid. It is the executor's responsibility to file all taxes, including income, estate, and others, by their respective deadlines. The timelines are not adjusted due to the death of the taxee. What is probate? It's probably a lot more than most people realize.

Once all debts and taxes are paid, the executor of the will files a petition for the judge's approval of the distribution of assets to the beneficiaries. The concerned parties are notified, and there is a court hearing where the judge approves the distribution of assets. Finally in the probate process, the executor transfers those assets to the beneficiaries. These steps are the main answer to the 'what is probate?' question.

Wednesday, September 21, 2016

Rene at By the People talks about Deeds of trust and how they can help people make the necessary changes to their title for a number of different reasons. Call 707-428-9871 with any questions, and visit the website at http://www.bythepeopleca.com

Tuesday, September 20, 2016

Advance medical directives are legal documents designed to
outline a person's wishes and preferences in regard to medical
treatments, interventions and other health care related issues. Policies
may vary from state to state, but regardless of location, advance
directives should always be included with each individual's personal
medical records.

Advanced directives typically fall into three categories:

Do
Not Resuscitate Order: This legal document, also known as DNR, is
extremely valuable for determining end-of-life issues. A DNR order,
however, is not legal until signed by the patient, a witness and a
physician. It should also be dated correctly and clearly state whether
the patient wants to be resuscitated or not if their heart stops
beating.

Living Will: This written document stipulates what kinds of medical
treatment the patient recommends should they become incapacitated. It
can be either general or very specific depending on the person and how
adamant they are about their end-of-life care issues. The usual items
outlined in a living will include: whether they wish to be on life
support, receive tube feedings, length of time (if any) that they will
stay on breathing machines, the individual that will make decisions on
their behalf, etc.

Durable Power of Attorney: This type of advance directive allows an
individual the opportunity to designate someone, or a number of
individuals, to act on their behalf for specific affairs. A durable
power of attorney, or DPOA, has the ability to make bank transactions,
sign social security checks, apply for disability, or even write checks
to pay utility bills while an individual is medically incapacitated.
Once the document is signed, the DPOA has legal priority even over next
of kin.

When Should a Directive be Created?

You
will see an advanced medical directive used for several different
situations-such as when someone is having a major surgery, diagnosed
with a life-threatening illness or is even becoming a single parent.
Advance medical directives are extremely beneficial if an individual is
unable to make his or her own medical decisions. Whatever the reason,
all advance medical directives should be signed by an attorney and be
notarized.

How to Obtain an Advance Medical Directive

Luckily,
there are many ways that someone can obtain an advance medical
directive. Many companies have booklets available, social workers and
nurses usually have them on hand, and hospitals and attorneys also have
copies of directives. It is worth the effort to ask for an advance
medical directive as it will be invaluable during a medical dilemma.

By
having previously documented personal wishes and preferences, the
burden of making tough decisions for family's and physicians' is
lessened. Not to mention, the patient's autonomy and dignity will more
likely be preserved by following their own choices regardless of mental
or physical capacity.

Monday, September 19, 2016

If you are experienced in running your business, you understand
the importance of getting the correct corporate form in place. You
should seek to have a structure that will not only aid long term
expansion but also protect your assets. The good news - there are a lot
of potential forms your business can take.

You should consider, if
you have a small business, forming an LLC. Think about setting up an
LLC if you have a small business. Fortunately, they are simple to
create. There is little paperwork with them. Further, in many states,
you won't need to file an annual report.

Also, LLC forms a
business structure that can protect your personal assets. Just keep you
LLC compliant and your personal property is protected.

With an
LLC, you can safe guard your business name.Also, LLCs allow unlimited
owners. This will help give your business growth room. Also, owners
don't need to have US citizenship.

In addition, an LLC doesn't
require meetings. It also needs little paperwork. And you can flow your
profit and loss to your personal taxes.

Keep in mind that setting
up an LLC has fees and paperwork. Also, you need to make sure you are
following all city and state laws. Thus, only consider an LLC if you
have a clear business plan.

Overall, an LLC is great for small
business. So you should at least consider one if you are serious about
your business. Remember, it can save you time and money, both of which
you can invest in your business!

Sunday, September 18, 2016

Advance directives are legal documents prepared in advance to
accomplish a task at a later date. These documents can be instructions
or permission granted for a specific usage such as life support or even
financial issues. There are two types of advance directives. A durable
power of attorney for health care allows you to name a (patient
advocate) to make decisions on your behalf. A living will allows you to
state your wishes in writing, but does not specifically name a person to
assume the role of advocate. Regardless of which one is used, the court
system can still intervene and make an overriding decision if
situations arise.

Most people who choose to prepare advance
directives do so to remove any doubt of their wishes in the event of a
situation where they may be deemed unable to make decisions.
Considerations
of the advance directive would be who you would want to assume the
responsibility for decision making. Important decisions could be about
ventilators (and other life extending machines) resuscitation, surgery,
feedings (tube, food and water) and prescription drugs.

A Durable
Power of Attorney for HealthCare is a legal document that allows you to
name another adult (18 or over) to make your health decisions for you.
Most people choose a family member but often a trusted advisor is
selected. If end of life issues are in play, you may instruct your
appointee to refuse any and all treatment and let you die. You would
state this in writing that the person you select has the power to make
that decision. The durable power of attorney only goes into effect once
you are unable to make any decision yourself.

The power of
attorney and the living will are both reversible. At anytime you may
change your mind both as to treatments and who is the appointee. The
only real component of either of these agreements is that at the time
you execute the agreements you are considered a competent adult. This
means that you are capable of making the choice of your own free will
and without outside influence.

It is always best to seek legal
advice when considering important decisions. Numerous sources exist to
provide you with basic information about how these agreements work and
how they may affect you and your heirs.

Saturday, September 17, 2016

Rene of By the People in Fairfield CA gives a short overview of their services and the number of legal documents they can help with. For questions, call Rene or Tammy at 707-428-9871 and you can visit their website at http://www.bythepeopleca.com

Friday, September 16, 2016

Power of attorney is a legal term in fact. This is a form or a
document that is basically legal because it will be notarize by someone
in the right position like the lawyers. Power of attorney allows some to
have the authority to handle some other person's business affairs.
There are two individuals involve in the process. The first is the
principal which will authorize someone to act on his or her behalf. The
second person is the agent or the attorney in fact who is appointed to
carry out the task of its principal. In the United States, attorney in
fact is the common term used; this person must be loyal and most
importantly honest in carrying out his or her tasks. The attorney in
fact may or may not be paid but for the record most principal would
choose someone close to them to act as his or her agent. Usually the
principal chooses individuals close to them as the agent because this
individual acts as a confidant to the principal.

When making a
power of attorney form, you should decide on what type you will use.
This form may be limited or special and general. The effectiveness of
its power ends when the principal becomes incapacitated or incapable or
even before she or he dies. In this case, the principal will be unable
to grant the power needed unless the grantor or principal will state and
specify that the power of attorney still have its effectiveness even if
he or she becomes debilitated. In case when the principal dies, so the
effectiveness of the power of attorney ends as well.

There is also
the durable power of attorney which encompasses an advance directive
that sanctions the attorney in fact. In this position, the agent makes
decisions regarding health care of the principal which now happens to be
the patient. The decisions would include terminating care; consent to
give or not to give any medication or procedure or treatment. An advance
directive is very much different with a living will. A living will is a
written document stating the patient's wishes regarding the health
condition but this does not allow the agent to make any medical
decisions.

In the end, it is really very important to understand
power of attorney because giving or assigning this to another individual
requires a lot of understanding. Yes, it is very easy to acquire such
but then it will all end up when the agent would act upon the power of
attorney.

Wednesday, September 14, 2016

Rene of By the People Document Preparation Service in Fairfield CA talks briefly about the basic differences between Inc. and LLC, and the benefits and features of each. Give Rene or Tammy a call at 707-428-9871 with any questions you may have so they can help you get the right product for your business.

Tuesday, September 13, 2016

Modern advancements in medicine have made it possible for us to
live longer than ever before. While these advancements have
substantially extended our lives, such an extension may not be desirable
because it may lower our quality of life and result in a loss of our
dignity. Since all competent adults have the right to make their own
medical decisions, you may want to tell your doctor now not to take
heroic or extraordinary means to prolong your life in the future if you
become ill and there is no hope for your eventual recovery. You can do
this by preparing a living will.

"What is a living will?"

A
living will is a legal document in which you direct your doctor to
withhold or withdraw life-sustaining treatment, whose only purpose is to
prolong your dying process, if you are in a terminal condition or a
state of permanent unconsciousness.

"Who can prepare a living will?"

You
can prepare a living will if you are of sound mind and are at least 18
years of age, or have graduated from high school, or are married. You
must sign your living will in the presence of two witnesses who are both
at least 18 years of age.

"What medical treatment can I refuse in my living will?"

You
can refuse all medical treatment including but not limited to cardiac
resuscitation, artificial feeding, blood, kidney dialysis, antibiotics,
surgery, diagnostic tests, and mechanical respiration. You can,
however, direct your doctor to administer only treatment that will keep
you comfortable and alleviate your pain.

Also in your living will,
you can designate another individual, known as your surrogate, to make
medical decisions for you if you are unable to do so yourself.

"When does my living will become operative?"

Your
living will becomes operative when you or another individual provides a
copy of it to your doctor, and your doctor determines you to be
incompetent and in a terminal condition or state of permanent
unconsciousness. At that time, your doctor has to act in accordance
with the instructions outlined in your living will. If your doctor
cannot in good conscience follow the instructions in your living will,
your doctor must inform you or your surrogate of this fact. At that
time, your doctor is required to assist you in finding another doctor
who will comply with the instructions in your living will.

"Can I revoke my living will?"

Yes.
You may revoke your living will at any time and in any way without
regard to your mental or physical condition. Revocation is effective at
the time it is communicated to your doctor by you or by a witness to
the revocation.

"If I do not have a living will, will my doctor continue to order treatment to prolong my dying process?"

Not
necessarily. Your failure to prepare a living will will not raise any
presumption as to your intent to consent to or refuse life-sustaining
medical treatment. In fact, in one Pennsylvania case, the court
permitted a close relative with the consent of two physicians to remove
life-sustaining treatment from the patient who had no living will and
was in a persistent vegetative state.

"Can my doctor refuse to treat me if I do not have a living will?"

No.
Your doctor cannot require you to have a living will as a condition to
provide treatment to you. Also, your doctor cannot charge you a
different fee for providing treatment to you if you do not have a living
will.

"If I have a living will and am involved in a serious accident, will emergency medical personnel refuse to treat me?"

No.
Emergency medical personnel will provide any and all treatment
necessary to save your life. Your living will does not apply until it
becomes operative, i.e., your doctor determines you to be incompetent
and in a terminal condition or in a state of permanent unconsciousness.

In
summary, a living will lets you decide now what medical treatment you
want in the future if you become incompetent and are in a terminal
condition or a state of permanent unconsciousness. It helps to
eliminate uncertainty regarding your desire for specific medical
treatment, and provides guidance to your doctors and family members.
Failure to prepare a living will may cause increased stress on your
loved ones who are left to decide the proper medical treatment for you.

Sunday, September 11, 2016

A limited power of attorney is used for a very specific purpose
that can be clearly defined when a power of attorney is needed. The
agent or attorney-in-fact that is appointed does not have control over
the person's entire life, only the specified authority granted to them
in the form. In these cases, these types of attorneys are usually used
for financial transactions and the sales of real estate or personal
property such as motor vehicles. Again, this appointment has no control
or influence over any other aspect of the person's life. They can only
make decisions in a limited area and within limited parameters.

With
a limited attorney, it can be given to a person or organization for a
specific dealing. The person or organization has the authority to do
what is specified in the power of attorney until it expires or it is
revoked. The authority granted to the agent or attorney-in-fact can
lasts as long as needed or includes a specific date that it will expire.
Most anything a person can do themselves can also be done through an
agent or attorney-in-fact appointed in a limited power of attorney.

There
are a number of reasons that a limited attorney may be used. However,
these are not the only reasons and there are many more, as long as they
are not disallowed by state law. Some of the power or authority granted
to an agent or attorney-in-fact can include:

* Any and all banking transactions

* Safety deposit box entry

* US security transactions

* Debt collections

* Real estate sales

* Real estate management

* Real estate purchases

* Borrowing money

* Management of a business

* Government issues

* Financial decision making

* Gift giving and real estate planning

* Buying and selling vehicles

* Buying and selling of other property, such as jewelry, furniture or electronics

* The signing of paychecks

* Moving dealings

* Shipping and storing items and goods

* Custodial care of children

* Child medical care

A
limited power of attorney is used when a person can not take care of
the business themselves. For example, when the person will be out of the
country, or there are other commitments or health reasons that stop
them from being able to complete the task themselves.

Giving
someone power of attorney status is different from state to state,
however it usually entails filling out a form and signing off on the
document. The limited power of attorney form can also be revoked at any
time and for any reason as well. The person still has complete control
over their life and the status of the limited power of attorney
appointment.

Choosing an agent or attorney-in-fact for a limited
power of attorney should still be considered carefully to make sure that
they will carry out the person's wishes correctly and will act in the
best interest of the person.

Saturday, September 10, 2016

A will is an important document for any person to have. This
document simply provides directions on how your property will be handled
when you pass on. Many times, when people die without a will in place, a
lot of misunderstandings can arise within the family and the community
at large. It is therefore important to specify how one's property or
estate will be handled to avoid these misunderstandings.

A will
writing service is important to help you come up with your will. It is
possible for you to write your will without any help but if you are not
familiar with this process, you need guidance so that you can write a
will correctly.

The first thing you need to do is identify a good
will writing service that has the requisite experience and reputation to
ease the process of making a will. There are a number of benefits that
you will get when you work with a will writing service. Some of these
benefits include:

• Correct Structure

Certain things are
required when you are drawing up your will. You must indicate that you
are of the right age and of sound mind. You must also indicate that this
is your last will and testament. You still are able to amend your will
at any time you wish to.

These services will also help you to
understand technical terms used when writing a will. A man writing a
will is called a testator while a woman is called a testatrix. The will
has to be signed by the testatrix or the testator and signed by two
other witnesses.

• Tax Implications

Certain assets or
estates can have tax implications. If you leave your estate to someone
else other than your spouse, they might be required to pay taxes on it.
It is important to know this in advance and plan for it accordingly.

• Will Execution

Another
important aspect to consider is the executor of the will. This is the
person who will carry out the terms of the will should you pass on. The
person who helps you write the will can also be the executor if they
have that capacity. If not, you should name the person or company to
carry out this function.

Making a will should not be a problem for
you. With the right people to help you, this process will be easy. It
will allow you to rest well knowing that your estate will be handled
correctly when you pass on.

Thursday, September 8, 2016

Limited Liability Companies (LLC) are business entities that got
their start in 1977 and are considered to fit somewhere between sole
proprietors/partnerships, and fully incorporated companies. Existing to
fill the gap between corporations and sole proprietors LLCs can help to
segment personal and business assets and liabilities while at the same
time maintaining a simplified tax structure. An LLC is not corporations
but is a company structure to operate like a corporation.

Liability

An
LLC is in itself its own legal entity so long as it is treated as one.
The LLC can assume obligations of debt. In other words the LLC, not the
members, hold a loan and the liabilities that go along with it. If
however the members of an LLC use the entity as their personal bank or
for personal matters it is possible that the LLC will not be recognized
as a separate entity if a lawsuit is filed.

Taxes

As
far as taxes go LLCs are considered by the IRS as pass-through
entities. This means income passes through the business and goes
straight to the LLC members just as they would with a sole
proprietorship or partnership. These profits or losses are filed on each
individual's tax return. A caveat to this is that LLCs can be taxed as
a corporation if the members elect to do so. So, if treated
appropriately an LLC can shield its members from the liabilities of a
corporation without assuming the tax overhead a true incorporation must
maintain.

How to File

If you are thinking
about forming an LLC for your business, spend the next 20 minutes
educating yourself on the difference between Sole proprietorships, LLCs,
and S corporations. My guess is that for most people starting out as a
sole proprietorship will be sufficient for current needs and much
cheaper than filing for an LLC.

If you have done your homework and
have decided that an LLC is the way to go, what next? The steps to
filing an LLC are not complex and although requirements vary from state
to state, setting up an LLC is a simple process that can usually be done
in an hour.

Articles of Organization

The first step is to contact your secretary of state and obtain the
required form for filing a LLC. In some cases this will be a simple fill
in the blank form. The state of Washington for example has an online
application. The processes guides you through establishing a legal name,
completing the certificate of formation, establishing the registered
agent, defining the members, and guides you through the initial annual
report. The fee for WA is roughly $200.00, additional costs may apply
depending on how you file. Google your secretary of state to find out
more of the specifics.

Registered Agent

As you fill out your articles of organization you will be required to
define the registered agent for the LLC. In most cases this will be you.
The registered agent is the person or business that is designated to
receive important documents on behalf of the LLC. The most appropriate
individual for this is generally the one spear heading the business.

Operating Agreement

The operating agreement is the internal agreement between the members of
the LLC. It is not required to form the LLC but it should be drafted to
state the rights and responsibilities of the members. The operating
agreement should contain but is not limited to the following;

Capital Contributions. How are the members expected to make capital contributions if the business needs additional capital?

Management Decisions.When the members are faced
with important management decisions, does each get one vote, or do they
vote according to their percentage interests in the LLC? Majority
shareholders may feel they deserve a larger say.

Financial Withdraws. How do owners go about draws from the profits of the business?

Buy Out/Cash out. How do members leave the LLC? Will they receive an immediate payout of their capital contributions?

Compensation. If a member does leave how much should they be paid?

Share. While there are not actual shares within a
LLC it should be defined how or if a departing owner is allowed to sell
an interest to an outsider?

Publish a Notice

Some
states require a notice of intent to be published. This can be as
simple as running a classified ad in your local paper. Specifics on this
will vary and your secretary of state can provide you with the steps
required.

Licensing

The last bit to think
about is obtaining other appropriate insurance, permits, and licenses
for your new LLC. Each industry had its own unique set of requirements
so be mindful of this once your business is established.

Conclusion

LLCs
are considered by many to be a great way to establish a small business.
There is little required to get one started and protection they provide
could be priceless. That said an LLC may not be needed for everyone.
Only you know the entity type most appropriate for your business.

Tuesday, September 6, 2016

A limited liability company, or LLC, is one of the most popular
business entities today but also one of the newest. An LLC is unique in
that it's a pass-through entity. The IRS does not consider an LLC a
legal separate entity in terms of taxation, so all business income,
losses, and expenses are "passed through" to individual owners to report
on their personal income tax returns.

By default, a single member
(or single owner) LLC is taxed as a sole proprietorship. An LLC with
more than one member is taxed as a partnership by default. There are
many tax advantages (as well as drawbacks) to forming an LLC instead of a
corporation.

Flexible Taxation

One of the biggest benefits
to forming an LLC is you can choose how you are taxed. This is one of
the lesser understood advantages of a limited liability company. When
you file your taxes, you can choose to file as a "disregarded entity"
and get the default tax treatment or you can choose corporate tax
treatment. If you choose the corporation taxation structure, your
business will be taxed at a much lower corporate rate on the first
$75,000 in income. Keep in mind an LLC's tax rate is completely
dependent on the owner's income. If you have higher income, you will
likely pay lower tax rates by choosing corporate treatment.

Lease Assets

With
a limited liability company, you can lease your personal assets to the
company. This means you can run your LLC from your home office and have
the LLC leasing the office from you. Doing so means you are creating a
business expense that you may be able to write off while improving your
personal financial situation. This is a tricky area, however, as the
expenses must be legitimate business expenses and you will need a formal
lease agreement in place.

No Double Taxation

Corporations
are subject to something known as double taxation, which means a
corporation first pays taxes at the corporate level then again on income
from dividends that are distributed to owners. LLC owners are not
subject to double taxation; business income is reported on your personal
income tax return and taxed once.

Tax Disadvantages

While
there are certainly tax benefits to an LLC, there are drawbacks as well.
LLC owners are required to pay taxes on their distributive share of the
company's profit, even if they do not receive the distribution because
the money stays with the business. Corporate owners are not required to
pay taxes on business profits unless the profits are distributed
(usually as dividends).

Finally, as an LLC owner, you will also be
required to pay self-employment taxes, even if you are a single member
LLC. Corporate owners who work as employees of the company, meanwhile,
only pay half of this tax amount on their salaries while the corporation
pays the rest.

Monday, September 5, 2016

Probate is the legal process that settles the property of the
deceased person and tells how it should be equally distributed among the
heirs and beneficiaries in case there is no will. The rules and
regulations of probate vary form state to state and each state can have a
different procedure and hearing process for probate. Some general
guidance might be similar in most states but it is always advised to
take help of a legal advisor in case you need to understand the probate
process in your locality. Moreover you should understand that every
probate case is different depending on the amount of money involved in
it. The different property, debts and people involved in it make the
whole case different from one other. There is no way that the rules and
results of one probate case can apply to other case. Normally people
have a view point that probate can be an ugly scene but the fact is that
it can be easy if all parties involved in it work together for a
positive outcome and preserve the memory of the deceased person.

In
most cases, the property of the deceased person is transferred to his
spouse if the person has not made any will before his expiry but in some
conditions due to the parties' involved the property cannot be
transferred to the spouse directly. The probate court which hears the
matter of probate cases will get involved if there any issues relating
to the property of the deceased person. The case has to go through a
legal framework and the final order of the court has to be addressed by
each person involved in the case. Now, since every state has different
law regarding the probate so the hearings of the case in the court can
be different in each state.

If the deceased person has a will and
has named a representative,all the assets will be handled by this person
unless the judge deems this person unfit, etc.If there is no
representative named in the will then the court appoints a
representative who handles the property unless the decision is made. The
appointed representative is called the administrator and has sole
responsibility of handling the property.

The Probate Process

In the initial phase the administrator
opens the case in the court. During this period he evaluates the
property and collects all the property of the deceased person. Few items
which come under contract of the deceased person are not held in
probate and they pass automatically to the beneficiary. Any bank
accounts or other things which has the clause of "payable on death" are
transferred to the person named in the contract. Only those limited
property that have no clear beneficiaries are accountable for probate
process. After accumulating all the property, the administrator sends a
legal notice to all parties involved in the case and pays all the debts
and claims which remain outstanding on the deceased name. Then the
administrator distributes the remaining property to the beneficiaries of
the decedent as instructed in the court's verdict.

If there are
any disputes during the process then the court hearing decided upon the
matter and the final verdict has to be agreed upon by every parties
involved in the probate process. Anyone can file the claim on the
property and if the court declines the claim then the opponent can file
lawsuit to claim the property. If the lawsuit is made then court has to
take the case more formally and this is when major problems occur during
the probate process.

Normally, probate process take a longer time
and if the amount involved is huge then the process can be more
problematic. But if all the parties involved work together to make a
positive solution then probate process can be competed easily and the
property is distributed equally among the heirs or beneficiaries.

Saturday, September 3, 2016

A Limited Liability Company (LLC) is a very flexible form of
business structure that combines elements of the typical corporation and
partnership structures. By forming an LLC, you create a legal entity
that provides limited liability to its owners. Often, these are
incorrectly called a Limited Liability Corporation instead of Limited
Liability Company. It is truly a hybrid business entity that can contain
elements and/or characteristics of corporations, partnerships and even
sole proprietorships, depending on how many owners are involved in the
Limited Liability Company. An LLC, even though it is a business entity,
is actually a type of unincorporated business and is not a corporation.
The main characteristic that an LLC shares with a corporation is the
limited liability protection that they both offer. The main
characteristic that an LLC shares with a partnership is the pass-through
income taxation that they both offer. It is, however, much more
flexible than a corporation and is very well suited to single owner
businesses.

You should understand that neither limited liability
companies nor corporations always protect owners from liability. The
legal system in the United States does allow a court system to pierce
the corporate veil of an LLC if some type of fraud or misrepresentation
is involved or in a situation where the owner uses the company as an
'alter ego'.

Flexibility and Default Rules

All LLC legal
statutes include a phrase similar to "unless otherwise provided for in
the operating agreement" and this allows for the flexibility the members
of an LLC have in deciding how their LLC will be governed. Some
statutes provide default rules for the governance of an LLC that are in
effect unless an operating agreement has been adopted.

Income Taxation

For
the purposes of the Internal Revenue Service and Federal income tax
purposes, LLCs are treated by default as a pass-through entity. If the
limited liability company has only one member or owner, it is
automatically considered a "disregarded entity" for tax purposes and the
owner is allowed to report the income from the LLC on his or her own
personal tax return as a Schedule C. If the LLC has multiple owners, it
is treated as a partnership and must file IRS form 1065. Partners will
then receive a K-1 for their share of losses or income so they can
report it on their tax return.

LLCs also have the option of
electing to be taxed as a corporation, simply by filing IRS Form 8832. Then, they will be treated the same way as a regular C Corporation or
they can elect to be treated as an S-Corporation. If it is treated as a
C-Corporation, the entity's income is taxed before any dividends or
distributions are given to the members and then taxation of the
dividends or distributions will be taxed as income for the members. Some
analysts have recommended the LLC taxed as an S-Corp as the best
possible small business structure, because it combines the flexibility
and simplicity of the LLC with the self-employment tax savings of the
S-Corp.

Advantages

Here are the attributes of a limited liability company that are most widely viewed as advantages:

•Check
the box taxation. LLCs have the option of being taxed as a sole
proprietor, partnership, S-Corporation or C-Corporation, which provides a
great deal of flexibility.

•Limited Liability. The owners of an LLC, who are known as members,
are generally protected from some or all liability related to the acts
and debts of the LLC, depending on state laws where the LLC formation
took place.

•Administrative paperwork and record keeping is significantly simplified compared to a corporation.

•Pass-through taxation is automatic, unless the LLC elects to be taxed as a C-Corporation.

•Profits are taxed at the member's personal level, rather than at
the LLC level by simply using the default tax classification given by
the IRS.

•In most states, LLCs are generally treated as being a totally separate entity from the LLCs owners.

•LLC's can generally be set up with only one person being involved.

•An LLC can assign its membership interests, and the economic
benefits of those interests can then be separated and assigned, which
provides the economic benefit of distributing the profit and losses of
the company, like in a partnership, without actually transferring the
title to the interest.

•Except in cases where the LLC has adopted a corporate taxation
structure, the income from the LLC will generally remain in the hands of
its members

•By adopting an operating agreement, members can generally establish
their own rules for governance and protective provisions for the
members.

Disadvantages

Here are the attributes of a limited liability company that are most widely viewed as disadvantages:

•Most
states do not have a statutory requirement for an LLC to have an
operating agreement, however, if you are a member of a multiple member
LLC, you may run into problems if you don't have an operating agreement,
since most states do not dictate the governance and protective
provision for the members of an LLC as they would with a regular
corporation.

•If a member decides to sell his interest in a limited liability
company, and if the ownership of the LLC is vested in multiple members,
it is not as straight forward as with a corporation since the LLC cannot
issue and sell stock certificates.

•Some investors are more comfortable with investing in corporations,
due to the possibility of an eventual IPO. This can make it harder to
raise financial capital.

•Franchise taxes are levied on LLCs in many states. This tax is
essentially a fee the LLC pays the state for the benefit of providing
limited liability. This tax can be based on revenue, profits, the number
of owners, the amount of capital employed in the state, or some
combination of these.

•LLCs are considered to be taxable entities in the District of
Columbia, which eliminates the benefits associated with pass-through
taxation.

•In some states, renewal or annual fees may be higher than corporations.

•Creditors have been known to require members of LLCs to personally
sign for and guarantee debts of the LLC, which obviously makes to owners
personally responsible for the debt.
Variations

•A Series LLC is a special and uncommon type of LLC. It allows a single LLC to segregate its assets into separate series.

•A Professional Limited Liability Company, also known as a PLLC,
P.L.L.C., or P.L., is a type of LLC that is specifically organized to
perform a professional service. This will usually involve professions
where the state requires a license to provide these same services, like a
doctor, chiropractor, lawyer, accountant, architect, or engineer. Some
states do not allow an LLC to participate in the practice of a licensed
professional.

Thursday, September 1, 2016

Divorce is probably never easy, but it doesn't have to be expensive. Rene of By the People in Fairfield CA talks briefly about help with uncontested divorces with our without children. Rene or Tammy will be happy to answer all your questions. Call them at 707-428-9871 and you can visit the website at http://bythepeopleca.com